Help analyzing multifamily properties - to partner or not

[Whitney Sewell]

I would appreciate any help or guidance in analyzing the property below. Here are some details.

Seller asking $300,000. He is living in three of the units, is elderly, and would like to stay there. He is selling because of his health.  He stated he would be satisfied with only two units if he could stay.

I am new to investing but have met a mentor who has almost 100 single-family homes who has offered for me to partner with him half and half on this property. He has no large multi-family properties. Larger than 4 units.

The current rents are $300 per door. All units are 1-bedroom 1-bath.

A small apartment building across the street has similar one bedroom units renting for $370 per month. This property has been well maintained and had a new roof put on four years ago.

The biggest repairs I see are possible electrical update in one building and some Decks that need replacing on the outside.

I see value ad because of the low rents and could possibly add covered parking or storage to increase the NOI. Seller's motivation is to stay and only selling because of Health problems.

This seems like an incredible opportunity for me to partner with someone so experienced although I know his experience is not with large multifamily. Although he already has all procedures in place for landlording.

The analysis below is with $300 per door purchasing at the assessment price of 260,000. I believe we can purchase it at this price working something out for the seller to live there. Any ideas of creative financing or other ideas to work this deal will be greatly appreciated. The biggest negative is the market in this area. The market is not that great at this property seems well below Market rents as it is. The current seller has owned the property for almost 40 years and has not raised rents for many many years. It has stayed rented and some tenants have been there close to 20 years.

Is this a great opportunity and should jump at the opportunity to partner on this deal or not?

There are two buildings almost identical. The second building faces the one in the picture.

Thank you in advance.